Putnam Investments Inc. of Boston has ended its subadvisory role for variable annuities issued by American Skandia Life Assurance Corp.

Putnam made the decision last week after a review of the business, a spokesman said. He declined to elaborate but did say Putnam is reviewing all its variable annuity businesses. The decision is unrelated to its new partnership with Allstate to create a variable annuity, he said.

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